Janel acquires Expedited Logistics for $19M; raises credit line to $30M

JANEL CORP

Acquired 100% of ELFS for $19M; paid $13M cash and $6M in subordinated promissory notes at close.
Earn-out payments of up to $4.5M based on ELFS operating profit.
Amended credit facility with Santander: max revolver increased from $17M to $30M, maturity extended to Sept 2026, LIBOR+2.25% with 75bps floor.
Adopted Amended Equity Incentive Plan, increasing authorized shares from 100k to 200k for grants.
Transaction funded via cash from operations, new borrowings, and seller notes.

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